FILE – In this July 31, 2012 file photo the euro sculpture stands in front of the headquarters of the European Central Bank, ECB, in Frankfurt, Germany. The European Central Bank has kept its key interest rate at a record low 0.5 percent, holding off on more stimulus for the economy of the 17-member euro currency union as it monitors the tentative recovery. The bank’s 23-member governing council made the decision to hold rates at a meeting in Paris, Wednesday, Oct. 2, 2013. (AP Photo/Michael Probst, File)

PARIS — The European Central Bank has kept its key interest rate at a record low 0.5 percent, holding off on more stimulus for the economy of the 17-member euro currency union as it monitors the tentative recovery.

The ECB has said its low rates are already supporting the recovery and that governments must carry out reforms to improve growth and reduce excessive levels of debt. The eurozone grew a moderate 0.3 percent in the second quarter from the quarter before after six straight quarters of recession. Unemployment, at 12 percent, remains near record highs.

The bank’s 23-member governing council made the decision to hold rates at a meeting in Paris. The benchmark refinancing rate determines what banks pay to borrow from the ECB and that in turn influences borrowing rates in the wider economy.

Markets are now waiting for hints from ECB President Mario Draghi at a news conference about his outlook for the economy and further measures the bank might take. Draghi has said the ECB could, if necessary, offer another round of cheap, long-term loans to banks to keep the cost of credit down.

The ECB has made two such offers before — in 2011 and 2012 — that handed banks loans worth over 1 trillion euros for up to three years. Analysts say the ECB may not need to offer a third round, but if it does, it would likely not do so until next year.

There are concerns market rates, such as those charged by banks when they lend to each other, could rise if the U.S. Federal Reserve reins in its monetary stimulus program, allowing market interest rates to rise. The ECB does not want to see market interest rates rise because the recovery in Europe, unlike in U.S., is only beginning and still needs all the help it can get from low credit costs for businesses and consumers.

So far the Fed has held off tapering its bond purchases, which has helped market rates not rise too much and given the ECB some breathing room. Draghi’s comments have also helped push down money market rates.

Besides hinting that the ECB could offer another round of cheap loans, he has also said the ECB’s key rates will stay at their current level or lower “for an extended period” until the economy improves.

Inflation is weak at an annual 1.1 percent, giving the ECB room to add more stimulus. Lower rates and more credit can push inflation up, but weak growth has kept price increases down. The ECB’s inflation goal is just under 2 percent.

The bank is headquartered in Frankfurt, Germany but held its meeting at the Bank of France in Paris. It regularly meets in other eurozone countries to underscore its role as the monetary authority for the entire currency union and its 331 million people.